just need the montly payment for the used car Janet has also found a used car of the same make and model that is 2 years old and has beendriven 38,547 kilometers. The price of the used vehicle is $14,950. Additional costs include$85 administration fee$74 licence plate fee$20 gas fee● $54 finance fee●●The interest rate on the loan for the new car is 4.9% compounded monthly. The interest rate onthe loan for the used car is 9.9% compounded monthly. In each case, the car will be financed for36 months. MSRP or List PriceDiscountPurchase PriceFreightTire/Air TaxGas TaxAdministration FeeTaxable SubtotalTrade-in AllowanceTaxable TotalHST (13%)Licence Plate FeeDeal Review (Used car)Gas FeeLien PayoutDelivery PriceMFG RebateDown PaymentFinance FeeAmount Financed85Interest Rate15,035Loan Term015,035Monthly PaymentL954-55 Interest Due (at_Balance Due1414.950O14,9500004%)20O17 083.65Oо5417,137.559.9%36 months

According to the time value of money theory, money that is available now is worth more than the same…

MSRP or List Price Discount Purchase Price Freight Tire/Air Tax Gas Tax Administration Fee Taxable Subtotal Trade-in Allowance Taxable Total HST (13%) Licence Plate Fee Deal Review (Used car) Gas Fee 14.950 Lien Payout Delivery Price MFG Rebate Down Payment Finance Fee Amount Financed Interest Rate Loan Term Monthly Payment Interest Due (at Balance Due 14,950 0 0 0 85 15035 0 15,035 954-55 14 %) 17 08 3.65 D 54 17,137.55 9.9% 36 months

MSRP or List Price Discount Purchase Price Freight Tire/Air Tax Gas Tax Administration Fee Taxable Subtotal Trade-in Allowance Taxable Total HST (13%) Licence Plate Fee Deal Review (Used car) Gas Fee 14.950 Lien Payout Delivery Price MFG Rebate Down Payment Finance Fee Amount Financed Interest Rate Loan Term Monthly Payment Interest Due (at Balance Due 14,950 0 0 0 85 15035 0 15,035 954-55 14 %) 17 08 3.65 D 54 17,137.55 9.9% 36 months

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Calculating payments, interest, and APR on auto loan After careful comparison shopping, Isabella Green decides to buy a new Toyota Camry. With some options added, the car has a price of $20,500 - including plates and taxes. Because she can't afford to pay cash for the car, she will use some savings and her old car as a trade-in to put down $5,000. She plans to finance the rest with a $15,500, 48-month loan at a simple interest rate of 12 percent. What will her monthly payments be? Round the answer to the nearest cent.$ per month How much total interest will Isabella pay in the first year of the loan? Round the answer to the nearest cent.$ How much interest will Isabella pay over the full (48-month) life of the loan? Round the answer to the nearest cent.$ What is the APR on this loan? Round the answer to 1 decimal place. %
Sharla is comparing a credit plan to buying an appliance for cash. The sticker price is $1200. The down payment for the credit plan is 10% and then 24 monthly payments of $53.25. What is the cost of buying on credit?
Calculate how much money a prospective homeowner would need for closing costs on a house that costs $237 comma 500237,500. Calculate based on a 2121 percent down payment, 1.21.2 discount points on the loan, a 0.60.6 point origination fee, and $1 comma 8301,830 in other fees.
The figure below shows costs for a current home mortgage versus a refinanced home mortgage. Refinancing has initial costs, but results in a lower monthly payment. Which best describes the lines? ***SEE CHART**** The blue line is for refinancing, which starts cheaper but eventually is costlier The blue line is for refinancing, which starts costlier but eventually is cheaper The orange line is for refinancing, which starts cheaper but eventually is costlier The orange line is for refinancing, which starts costlier but eventually is cheaper
Hi I need help finding the monthly payment I think I have the right formula but dont know how to solve it
You currently don't have a car, but rent a car that's parked just outside your house whenever you need one. Your annual expenditure on rental cars is $2,600. You are now considering purchasing a car that would give you the same level of convenience as your current life style. The car costs $27,000 and can be sold for $5,000 after 10 years. You'd purchase the car with money from your savings account which always earns an interest rate of 6%. Assume that all cash flows occur at the end of each year (maybe because you drive much more around Thanksgiving and Christmas.
Hello Can you help explain the benefits of using a vehicle currency? what is vehicle currency
Calculate Loan Amount Enter the cost of the potential car, down payment, and fees below. Press calculate when you're ready. Cost of Potential Car 7,000 Down Payment 500 Taxes and Fees 340 Calculate Incorrect Correct Correct First, we need to figure out how much you want to borrow. You said you wanted to spend $5,000, and you will put $500 down. Based on that, we can estimate your taxes to be $340. Put those numbers into the calculator and press calculate to see how much money you will need for your loan.
Please refer to the attached scenario Which costs are relevant to Brad’s decision to purchase a new, larger boat?
g. Living Expenses: Assume reasonable values for your living expenses. (You may adjust these numbers to fit your estimated costs, but a good starting point for monthly costs are Utilities: $150, TV: $40, Internet: $30, Cell Phone: $40, Phone: $40) You should also include estimates for food, gas, entertainment, and any other expense you can think of. What is your monthly payment for all of your living expenses?
If you are borrowing money to purchase a car, you should:Select an answer from the options below. A thoroughly read the loan documentsB withhold some items from the disclosureC borrow as much as you canD all of the above
An insurance agent says they can cut your car insurance bill in half by changing your coverage from 100/300/50 to 50/120/25. Is this a good idea? Why or Why not?